Employee retention plays a crucial role in IT organization which is a challenging task. This review paper would like to understand the studies conducted so far on employee retention strategies of IT companies and examine how innovative HR and management approaches (flexible work time, effective communication, feedback, career development plans, compensation/recognition systems, and workplace culture and leadership practices) influence both voluntary turnover intentions and desires to stay among IT employees. The information examined secondary data obtained from articles in research journals, company reports and HRM studies. Conversely, punitive or vague policies, like such as return-to-office mandates or unclear criteria for promotion, are associated with higher levels of disengagement and turnover. The study also finds that retention’s dependence on pay and benefits is often mediated by non-financial factors — like psychological safety, manager quality and organizational reputation. Drawing on these observations, the paper proposes a comprehensive policy for IT companies in that will enable them to achieve this dual goal of competitive total rewards and people-focused (flexibility, meaningful growth, inclusive leadership) practices which supports long term retention as well as organizational effectiveness. The result is often decreased turnover and elevated morale, not to mention an employer-friendly work culture.